**Bitcoin Rewards App Fold to Go Public on Nasdaq**

Fold, a Bitcoin-based rewards app, is set to go public on the Nasdaq with an implied valuation of $365 million. The company will achieve this via a business combination with SPAC FTAC Emerald Acquisition, as per a July 24 statement. Unlike traditional IPOs, this SPAC transaction allows Fold to merge with a shell company to go public.

**Key Points:**

- Fold offers a debit card cashback app, rewarding users in Bitcoin for purchases.

- The deal, approved by both companies' directors, is expected to close in Q4 2024.

- Post-transaction, Fold will have over 1,000 BTC on its balance sheet.

- Proceeds will be used to accelerate growth and operations.

- Existing shareholders face a six-month lock-up, subject to revision if shares exceed $12 within 90 days of listing.

- Legacy shareholders will own about 71% of the company’s stocks.

Since its launch in 2019, Fold has processed over $2 billion in transactions and distributed $45 million in Bitcoin rewards.